Ford has just lately scaled down its stake in Rivian to only 1.15 %. This transfer follows Blue Oval’s determination to put in writing down the worth of its funding within the EV maker by $7.4 billion in 2022. Of be aware, Ford beforehand held an 11.4 % stake in Rivian on the finish of 2021. The monetization of Ford’s stake in Rivian can be mentioned to be “practically full.”
In response to Reuters, shares of Rivian fell 3.4 % within the afternoon following the announcement of Ford’s lowered stake. This is not the primary time the corporate confronted a company and monetary problem, noteworthy of which was final yr when information of Ford promoting its stake within the firm first broke out.
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Rivian has had a tough run in 2022, shedding round 82 % of its worth attributable to provide chain disruptions and missed manufacturing targets. The corporate had aimed to provide 25,000 models in 2022 however experiences famous that it didn’t hit the purpose.
Reuters just lately reported that Rivian is planning to put off 6 % of its employees attributable to declining money reserves. This announcement has prompted additional issues for the corporate’s future.
Ford’s up to date stake in Rivian was disclosed in a latest submitting and the corporate declined to remark to Reuters on the sale. It’s unclear what influence this lowered stake could have on the way forward for each firms. Nevertheless, the latest developments spotlight the challenges dealing with the electric-vehicle trade and the difficulties in attaining sustainable development out there.
In the meantime, Rivian’s Vice President of Manufacturing, Tim Fallon, offered an replace on the corporate’s progress in 2022, which was its first full yr of manufacturing. He additionally shared a glimpse into what 2023 holds in retailer.
In 2022, Rivian mentioned it efficiently produced 25,051 electrical automobiles, out of which 24,337 had been “factory-gated” and 20,332 had been delivered to prospects. The corporate introduced earlier this month that it’s rising its manufacturing quantity to assist scale back the order backlog, which is for the R1T and R1S pre-orders at present exceeding 100,000.
